Setting up for a big down move.

FX:AUDUSD   Australian Dollar/U.S. Dollar
154 1 0
Aussie is setting up for big down move. But first we squeeze higher to 8970 area. The fib drawn from the Nov. swing lows at 9278 serve as the anchor. This anchor has provided four other moves to fib profit targets marked on the chart. This same anchor and is what provided us shorts from the 9100 area to our current lows. I mentioned this sell area from fib long before it happened -
Finally hit the sell zone
Finally hit the sell zone

We are currently setting up to move back up into the fib sell zone which has targets way down at 8509. Right where RBA wants the aussie to be.

The sell area also contains a value area edge when you look at a large time frame market. profile.
Of note is the December point of control below our sell area which means we could potentially sell off prior to hitting the 8970 area if participation occurs at the POC             instead.

In the mean time I will be looking for good long setups. If we do get a sell off back down towards our lows before my short setup I will be looking for shorts to fail at or near our lows and take longs from that area.
Despite Price action not confirming my short yet, I have gone ahead purchased March put options on FXA the AUDUSD ETF in anticipation of the almost 500 pip move to come.
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